A Business at a Glance
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ARROWHEAD PHARMACEUTICALS, INC.
ARWR
$14.0B
Mkt Cap
$85.60
-1.36%
ARROWHEAD PHARMACEUTICALS, INC. (ARWR) has a current P/E ratio of 53.5, compared to its historical median P/E of 39.1. The stock is currently considered Expensive based on its historical valuation range.
ARROWHEAD PHARMACEUTICALS, INC. (ARWR) has a 5-year average return on invested capital (ROIC) of -45.7%. This is below average and may indicate limited pricing power.
ARROWHEAD PHARMACEUTICALS, INC. (ARWR) has a market capitalization of $12.0B. It is classified as a large-cap stock.
ARROWHEAD PHARMACEUTICALS, INC. (ARWR) does not currently pay a regular dividend.
Based on historical P/E analysis, ARROWHEAD PHARMACEUTICALS, INC. (ARWR) appears expensive. The current P/E of 53.5 is 37% above its historical median of 39.1. The estimated fair value CAGR (P/E method) is 4.7%.
ARROWHEAD PHARMACEUTICALS, INC. (ARWR) operates in the Pharmaceutical Preparations industry, within the Healthcare sector.
ARROWHEAD PHARMACEUTICALS, INC. (ARWR) reported annual revenue of $829 million in its most recent fiscal year, based on SEC EDGAR filings.
Arrowhead Pharmaceuticals develops RNA interference (RNAi) therapeutics that silence disease-causing genes using its proprietary Targeted RNAi Molecule (TRiM) platform, which combines potent RNA triggers with ligand-mediated tissue-specific delivery to enable targeting of multiple cell types including hepatocytes, adipose tissue, skeletal muscle, lung, and central nervous system. The company operates a clinical-stage pipeline of 18 drug candidates ranging from Phase 1 to Phase 3, with the first commercial launch achieved in 2025 when the FDA approved REDEMPLO® (plozasiran) for Familial Chylomicronemia Syndrome, and is advancing late-stage programs in cardiometabolic disease, obesity, and neurodegeneration. Arrowhead has built a commercial organization to market REDEMPLO directly in the United States and select international markets, while pursuing a capital-efficient partnership model through licensing agreements with leading pharmaceutical companies including Sarepta, Amgen, Takeda, GSK, and Novartis, which provide non-dilutive funding to support wholly-owned programs through commercialization. The company's unit economics benefit from the catalytic nature of RNAi—where each trigger can degrade messenger RNA hundreds of times—enabling potentially long-duration therapeutic effects with simplified manufacturing and reduced costs compared to traditional small-molecule and antibody approaches. Arrowhead's competitive moat derives from its decade-long expertise in targeted drug delivery, proprietary trigger selection algorithms, and demonstrated ability to deliver siRNA to previously inaccessible tissues and cell types, positioning it to address "undruggable" targets across large patient populations in cardiometabolic disease, obesity, and neurological disorders.
【Pipeline expansion driving value creation】 Management expects a series of transformative clinical milestones in the second half of 2026, including Phase 3 top-line data for plozasiran in severe hypertriglyceridemia (SHASTA-3 and SHASTA-4) anticipated in Q3, which will support a supplemental NDA filing before year-end and potential regulatory approval in the second half of 2027. Early clinical readouts are expected for ARO-DIMER-PA (the first dual-functional siRNA targeting two genes simultaneously) and ARO-MAPT (the company's first CNS program using subcutaneous delivery to cross the blood-brain barrier) around Q3–Q4 2026, with positive data potentially triggering substantial pipeline expansion in obesity and neurodegeneration. REDEMPLO prescription volume and patient uptake continue to exceed initial expectations, with strong physician satisfaction and accelerating refill activity supporting international expansion into Canada, select European Union countries, and the United Kingdom later in 2026, while the company plans to progressively scale commercial infrastructure to support both the current FCS market and future entry into the larger severe hypertriglyceridemia population. The company anticipates being funded through multiple independent and partner-driven launches, positioning it toward cash flow positivity and self-sustainability from commercial sales while maintaining a cash runway extending into fiscal 2028.
| Metric | Target | Period |
|---|---|---|
| sNDA filing for plozasiran in severe hypertriglyceridemia | Before the end of 2026 | FY2026 |
| Regulatory approval for plozasiran in severe hypertriglyceridemia | Second half of 2027 | FY2027 |
| SHASTA-3 and SHASTA-4 Phase 3 top-line data release | Q3 2026 | FY2026 |
| ARO-DIMER-PA Phase I/II early data | Q3 2026 | FY2026 |
| ARO-MAPT Phase I/II early data | End of Q3 or early Q4 2026 | FY2026 |
sNDA filing for plozasiran in severe hypertriglyceridemia (FY2026): “We expect to file an sNDA with the FDA before the end of 2026, with an anticipated regulatory approval based on an expected standard review timeline targeted in second half of 2027.”
Regulatory approval for plozasiran in severe hypertriglyceridemia (FY2027): “We expect to file an sNDA with the FDA before the end of 2026, with an anticipated regulatory approval based on an expected standard review timeline targeted in second half of 2027.”
SHASTA-3 and SHASTA-4 Phase 3 top-line data release (FY2026): “First, the phase III SHASTA-3 and 4 studies of plozasiran in SHTG patients should be ready for top-line data release in Q3.”
ARO-DIMER-PA Phase I/II early data (FY2026): “The first clinical readout of ARO-DIMER-PA targeting both PCSK9 and ApoC-III for LDL and TG lowering is also expected in Q3.”
ARO-MAPT Phase I/II early data (FY2026): “The first clinical readout for ARO-MAPT is expected around the end of Q3 or early Q4.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 622M | 829M | - | 241M | 243M | 138M |
| Net Income | -301M | -1.6M | -599M | -205M | -176M | -141M |
| EPS | $-2.16 | $-0.01 | $-5.00 | $-1.92 | $-1.67 | $-1.36 |
| Free Cash Flow | -51M | 157M | -604M | -331M | -189M | 148M |
| ROIC | -7.7% | 49.7% | -141.1% | -61.3% | -43.6% | -32.4% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.52 | 0.46 | 2.12 | 0.00 | 0.69 | 0.74 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -222M | 98M | -601M | -205M | -179M | -149M |
| Operating Margin | -35.7% | 11.9% | - | -85.2% | -73.4% | -107.8% |
| ROE | -49.0% | -0.5% | -262.5% | -61.3% | -43.6% | -32.4% |
| Shares Outstanding | 141M | 163M | 120M | 107M | 105M | 104M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | N/A | N/A | N/A | 31M | N/A | 169M | 88M | 138M | 243M | 241M | N/A | 829M | 622M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | 23M | 47M | 62M | 51M | 53M | 81M | 129M | 206M | 297M | 353M | 506M | 607M | 688M |
| SG&A | 5.9M | 7.9M | 24M | 17M | 19M | 27M | 52M | 81M | 124M | 93M | 99M | 124M | 156M |
| EBIT | -53M | -96M | -82M | -37M | -56M | 61M | -93M | -149M | -179M | -205M | -601M | 98M | -222M |
| Op. Margin | N/A | N/A | N/A | -117.8% | N/A | 36.3% | -105.9% | -107.8% | -73.4% | -85.2% | N/A | 11.9% | -35.7% |
| Net Income | -59M | -92M | -82M | -34M | -54M | 68M | -85M | -141M | -176M | -205M | -599M | -1.6M | -301M |
| Net Margin | N/A | N/A | N/A | -109.5% | N/A | 40.3% | -96.1% | -101.9% | -72.4% | -85.3% | N/A | -0.2% | -48.4% |
| Non-Recurring | 2.1M | 19K | 2.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | -60.4% | -66.5% | -79.4% | -38.8% | -61.5% | 25.0% | -23.9% | -32.4% | -43.6% | -61.3% | -141.1% | 49.7% | -7.7% |
| ROE | -60.4% | -66.5% | -79.4% | -38.8% | -61.5% | 39.9% | -23.9% | -32.4% | -43.6% | -61.3% | -262.5% | -0.5% | -49.0% |
| ROA | -53.3% | -58.4% | -62.8% | -29.6% | -50.5% | 29.5% | -19.4% | -22.9% | -25.1% | -28.2% | -62.9% | -0.1% | -13.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -35M | -66M | -64M | -24M | -47M | 173M | -96M | 171M | -136M | -154M | -463M | 180M | -36M |
| Free Cash Flow | -37M | -68M | -68M | -32M | -49M | 161M | -108M | 148M | -189M | -331M | -604M | 157M | -51M |
| Owner Earnings | -42M | -81M | -81M | -35M | -59M | 158M | -143M | 88M | -266M | -243M | -554M | 94M | -128M |
| CapEx | 1.7M | 2.0M | 3.9M | 7.9M | 1.4M | 12M | 12M | 24M | 53M | 177M | 141M | 23M | 15M |
| Maint. CapEx | 1.3M | 5.5M | 4.5M | 3.0M | 3.0M | 2.7M | 4.2M | 6.6M | 8.7M | 11M | 17M | 22M | 24M |
| Growth CapEx | 372K | 0 | 0 | 4.9M | 0 | 9.3M | 7.8M | 17M | 44M | 166M | 125M | 466K | 0 |
| D&A | 1.3M | 5.5M | 4.5M | 3.0M | 3.0M | 2.7M | 4.2M | 6.6M | 8.7M | 11M | 17M | 22M | 24M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | 6.9% | N/A | 13.8% | N/A | N/A | N/A | 12.6% | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 5.7M | 10M | 12M | 7.9M | 8.5M | 12M | 43M | 77M | 121M | 78M | 74M | 63M | 68M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.1M | 202M | 202M |
| Balance Sheet | |||||||||||||
| Net Debt | -154M | N/A | -85M | -65M | -76M | N/A | N/A | N/A | N/A | -111M | -288M | -704M | -1.3B |
| Cash & Equiv. | 133M | 81M | 85M | 25M | 30M | 222M | 144M | 184M | 108M | 111M | 103M | 227M | 1.6B |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 393M | 215M | 160M |
| Debt/Equity | 0.00 | 0.21 | 0.00 | 0.00 | 0.00 | 0.43 | 0.13 | 0.74 | 0.69 | 0.00 | 2.12 | 0.46 | 0.52 |
| Interest Coverage | -82.5 | -6651.5 | -7242.2 | -197.2 | -322.6 | 2266.3 | N/A | N/A | N/A | -11.2 | -18.6 | 1.1 | 1.1 |
| Equity | 167M | 110M | 96M | 81M | 96M | 245M | 462M | 409M | 399M | 271M | 185M | 466M | 614M |
| Total Assets | 183M | 132M | 128M | 104M | 112M | 350M | 523M | 710M | 692M | 766M | 1.1B | 1.4B | 2.3B |
| Total Liabilities | 17M | 23M | 33M | 23M | 16M | 106M | 61M | 301M | 274M | 478M | 949M | 882M | -22M |
| Intangibles | 1.0M | 25M | 22M | 20M | 19M | 17M | 15M | 14M | 12M | 10M | 8.6M | 6.9M | 6.0M |
| Retained Earnings | -225M | -317M | -398M | -433M | -487M | -419M | -504M | -645M | -821M | -1.0B | -1.6B | -1.6B | -1.7B |
| Working Capital | 143M | 87M | 65M | 49M | 66M | 168M | 282M | 238M | 266M | 311M | 592M | 755M | 1.5B |
| Current Assets | 155M | 103M | 91M | 68M | 79M | 265M | 322M | 385M | 405M | 416M | 695M | 951M | 1.8B |
| Current Liabilities | 12M | 16M | 26M | 19M | 12M | 97M | 41M | 147M | 139M | 105M | 103M | 195M | 295M |
| Per Share Data | |||||||||||||
| EPS | -1.25 | -1.60 | -1.34 | -0.47 | -0.65 | 0.69 | -0.84 | -1.36 | -1.67 | -1.92 | -5.00 | -0.01 | -2.16 |
| Owner EPS | -0.91 | -1.42 | -1.32 | -0.48 | -0.70 | 1.60 | -1.42 | 0.85 | -2.52 | -2.27 | -4.62 | 0.58 | -0.91 |
| Book Value | 3.55 | 1.92 | 1.57 | 1.11 | 1.14 | 2.48 | 4.59 | 3.95 | 3.78 | 2.54 | 1.55 | 2.86 | 4.37 |
| Cash Flow/Share | -0.76 | -1.14 | -1.06 | -0.33 | -0.56 | 1.76 | -0.95 | 1.65 | -1.29 | -1.44 | -3.86 | 1.10 | -1.97 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 46.9M | 57.5M | 61.0M | 73.1M | 83.8M | 98.5M | 100.7M | 103.6M | 105.4M | 106.9M | 119.9M | 163.1M | 140.6M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | 39.1 | N/A | N/A | N/A | N/A | N/A | N/A | -39.6 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | 16.5 | N/A | 42.5 | N/A | N/A | N/A | 34.1 | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 47.6 | N/A |
| Price/Book | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 12.7 | 11.5 | 19.6 |
| Price/Sales | N/A | N/A | N/A | 6.0 | N/A | 12.0 | 48.2 | 52.5 | 21.3 | 14.4 | N/A | 3.7 | 19.3 |
| FCF Yield | -5.2% | -18.7% | -15.9% | -10.3% | -3.0% | 6.1% | -2.5% | 2.4% | -5.3% | -11.5% | -25.6% | 2.9% | -0.4% |
| Market Cap | 709M | 362M | 429M | 309M | 1.6B | 2.7B | 4.4B | 6.3B | 3.6B | 2.9B | 2.4B | 5.3B | 12.0B |
| Avg. Price | 13.03 | 6.76 | 5.53 | 2.56 | 8.93 | 20.49 | 42.14 | 70.08 | 49.14 | 32.42 | 26.83 | 18.82 | 85.60 |
| Year-End Price | 15.11 | 6.30 | 7.04 | 4.22 | 19.17 | 26.96 | 43.68 | 60.65 | 33.96 | 26.93 | 19.67 | 32.80 | 85.60 |
ARROWHEAD PHARMACEUTICALS, INC. passes 1 of 9 quality checks, indicating weak fundamentals.
ARROWHEAD PHARMACEUTICALS, INC. trades at 53.5x trailing earnings, compared to its 15-year median P/E of 39.1x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 37.2x vs a median of 34.1x. At current prices, the estimated annualized return to fair value is +8.7%.
ARROWHEAD PHARMACEUTICALS, INC. (ARWR) has a net profit margin of -0.2%. The company is currently unprofitable.
ARROWHEAD PHARMACEUTICALS, INC. (ARWR) generated $157 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ARROWHEAD PHARMACEUTICALS, INC. (ARWR) has a debt-to-equity ratio of 0.46. This indicates a conservatively financed balance sheet.
ARROWHEAD PHARMACEUTICALS, INC. (ARWR) reported earnings per share (EPS) of $-0.01 in its most recent fiscal year.
ARROWHEAD PHARMACEUTICALS, INC. (ARWR) has a return on equity (ROE) of -0.5%. A negative ROE may indicate losses or negative equity.
The Ledger Terminal provides 16 years of financial data for ARROWHEAD PHARMACEUTICALS, INC. (ARWR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ARROWHEAD PHARMACEUTICALS, INC. (ARWR) has a book value per share of $2.86, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects a series of transformative clinical milestones in the second half of 2026, including Phase 3 top-line data for plozasiran in severe hypertriglyceridemia (SHASTA-3 and SHASTA-4) anticipated in Q3, which will support a supplemental NDA filing before year-end and potential regulatory approval in the second half of 2027. Early clinical readouts are expected for ARO-DIMER-PA (the first dual-functional siRNA targeting two genes simultaneously) and ARO-MAPT (the company's first CNS program using subcutaneous delivery to cross the blood-brain barrier) around Q3–Q4 2026, with positive data potentially triggering substantial pipeline expansion in obesity and neurodegeneration. REDEMPLO prescription volume and patient uptake continue to exceed initial expectations, with strong physician satisfaction and accelerating refill activity supporting international expansion into Canada, select European Union countries, and the United Kingdom later in 2026, while the company plans to progressively scale commercial infrastructure to support both the current FCS market and future entry into the larger severe hypertriglyceridemia population. The company anticipates being funded through multiple independent and partner-driven launches, positioning it toward cash flow positivity and self-sustainability from commercial sales while maintaining a cash runway extending into fiscal 2028.
Based on recent SEC filings and earnings calls, ARROWHEAD PHARMACEUTICALS, INC. (ARWR) has provided the following forward guidance: sNDA filing for plozasiran in severe hypertriglyceridemia: Before the end of 2026 (FY2026); Regulatory approval for plozasiran in severe hypertriglyceridemia: Second half of 2027 (FY2027); SHASTA-3 and SHASTA-4 Phase 3 top-line data release: Q3 2026 (FY2026); ARO-DIMER-PA Phase I/II early data: Q3 2026 (FY2026); ARO-MAPT Phase I/II early data: End of Q3 or early Q4 2026 (FY2026).